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Buying Pre-Construction or New Construction in Miami
| | Monday, November 29, 2004 @ 11:05 AM EST
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Contributed by: John Michael
John Michael Properties
Read more archived articles about Construction and Building
(press release)Miami Real Estate – Buying pre-construction or New Construction in the Miami Real Estate Market.
Publish Date : 11/28/2004 3:10:00 PM Source : onlypunjab.com Team.
Miami real estate is undergoing the largest construction boom in its magnificent history. From downtown to Aventura, the landscape of the real estate in Miami is constantly changing with the addition of each new condominium building.
Miami real estate has become one of the hottest commodities with people coming from all over the world to try and get in on the Miami pre-construction deals. Miami pre-construction gives people the opportunity to build equity in a property while not having to pay the normal carrying costs such as taxes, maintenance fees or a mortgage.
When a buyer purchases a pre-construction property in the Miami real estate market, 10% of the sales price is due at the time of contract. The second 10% is usually due within the next six months, or by the time the foundation of the building is complete. The total investment with most developers is 20%. There are
however, a few developers that require an additional 10% at the topping of the building.
One of the latest trends is that developers are offering resale programs to their buyers once the projects have been sold out and construction has begun. Once a second buyer for the property is found and a contract is secured, the initial buyer gets back their deposit money. This gives buyers the opportunity to free up their deposit monies to invest in other Miami real estate projects. The profit on the property is received by the initial buyer at closing.
Miami real estate offers pre-construction units starting from the $300,000 (some projects have select units starting in the mid $200,000 range) price range up to multi-million dollar units. Of course pricing depends on the location views and amenities. Ocean and bay front projects obviously command the most money.
The key to investing in pre-construction in the Miami real estate market is to get in at the very beginning of the sales. The best way to stay on top of the latest Miami real estate projects is to have a knowledgeable well connected realtor to work with. This gives you the opportunity as a buyer to purchase the properties before the rest of the public. For more information on the latest opportunities in Miami real estate please visit or Miami real estate and Aventura website at Miami real estate blog to keep up-to date on all of the latest information on Miami and the Miami real estate market.
Aventura real estate
Miami real estate
Aventura and Miami MLS search
Miami Real Estate Blog
Note: John Michael is the author of many guides that can help you become more successful as an investor. See http://www.thecreativeinvestor.com/ChanPart-JohnMichael.html
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